Bracket(redirected from echelons)
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Related to echelons: Upper echelons
A term signifying the extent of an underwriter's commitment in a new issue, e.g., major bracket or minor bracket.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
A group of underwriters responsible for placing a certain amount of a new issue with investors. Brackets are arranged in a hierarchy, which indicates how much of an issue each bracket is placing with respect to the others. The brackets are called, from largest to smallest: bulge bracket, major bracket, minor bracket, underwriter, selling group. The second largest bracket is sometimes called the mezzanine bracket. Brackets are listed in order of size on an advertisement detailing each new issue, known as the tombstone.
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